The first three Financing for Development Conferences, which led respectively to the Monterrey Consensus, the Doha Declaration and the Addis Ababa Action Agenda (AAAA), stressed the role of sovereign external debt as an important tool for mobilizing resources for public investments towards achieving sustainable development. However, sovereign external debt for developing countries carries the perpetual risk that foreign currency earnings must be generated, which depends significantly on exogenous factors, such as external demand and terms of trade […]